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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
-15.7%
€70.68
vs €83.88 price
Levered DCF
€49.69
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
4.84
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E21.98×30.77×41.88×32.19×32.16×38.23×33.64×28.62×
P/B2.4×3.29×3.7×3.12×2.98×3.43×3.99×3.71×
P/S2.1×2.83×3.26×2.76×2.69×3.05×3.16×2.88×
EV / EBITDA11.7×15.6×20.96×16.96×16.47×19.08×18.24×16.32×
Gross margin57.6%58.5%57.3%56.3%57.2%57.5%57.9%57.5%
Operating margin13.7%13.1%11.7%13.9%12.8%13.1%14.5%14.8%
Net margin9.5%9.3%7.8%8.6%8.4%8.0%9.4%10.1%
Current ratio1.9×1.74×1.74×1.47×1.39×1.56×1.67×1.94×
Debt / equity0.03×0.03×0.01×0.05×0.04×0.03×0.08×0×
Interest coverage56.42×28.76×42.5×76.19×70×70.62×85.54×118.78×
Dividend yield1.1%0.1%0.5%0.7%0.8%0.7%0.7%0.8%
Payout ratio23.7%1.5%21.6%21.1%24.9%28.4%22.1%21.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity10.9%10.8%8.8%9.7%9.3%9.0%11.8%12.9%
Return on invested capital10.2%9.6%8.1%11.1%9.7%9.3%11.4%12.6%
Return on assets7.3%7.0%5.8%6.1%5.6%5.5%7.1%8.2%
Free cash flow yield1.8%2.8%1.4%1.0%2.8%3.3%2.7%2.4%
Earnings yield4.5%3.3%2.4%3.1%3.1%2.6%3.0%3.5%
Enterprise value€19.7B€27B€29.7B€23.6B€19.7B€20.6B€23.5B€19.9B
Net debt / EBITDA-0.59×-0.54×-0.73×-0.52×-0.63×-0.73×-0.53×-0.73×
Cash conversion cycle (days)5-20-3-11-30-14-53